Moody’s lowers Lear ratings
Reflects decline in Lear’s operating performance and prospects below expectations
A decline in Lear’s operating performance has led Moody's to lower Lear Corporation's Corporate Family and Senior Unsecured Debt ratings to B2 from Ba2. The ratings also incorporate challenges in the automotive supplier industry, especially Lear’s dependence on GM and Ford. The company is also facing significant debt maturities in early 2007 as well as 2008 and 2009, and it will become more reliant on its committed revolving credit facility for liquidity support. Debt coverage measurements will be more reflective of a single B credit.
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